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Comex Trading Signals and Market News – 11 May 2016

INTERNATIONAL COMMODITY NEWS :

Crude oil prices fell by 0.34 per cent on Tuesday as market players looked ahead to fresh weekly information on US stockpiles of crude and refined products. The American Petroleum Institute will release its inventories report later in the day while Wednesday’s government report could show crude stockpiles rose by 0.5 million barrels in the week ended May 6.

Gold prices gained marginally by 0.05 per cent on Tuesday after mixed consumer and producer price data from China. CPI for April fell 0.2 per cent month-on-month as expected and at a 2.3 per cent pace year-on-year a tad lower than the 2.4 per cent gain seen. PPI for April year-on-year fell 3.4 per cent compared to a expected drop of 3.8 percent.

German industrial production declined 1.3 percent on a monthly basis in March, following a revised 0.7 percent drop in February, Destatis reported Tuesday. This was the second consecutive decline and the biggest since August 2014, when output slid 2.5 percent. Excluding energy and construction, production in industry fell 1.2 percent. Within industry, energy production gained 0.3 percent, while construction output decreased 3.2 percent. On a yearly basis, growth in industrial production eased to 0.3 percent from 2 percent, the economy ministry said.

ECONOMY NEWS :

Japan will intervene in foreign exchange markets if the yen strengthens to 90-95 per dollar, even if that upsets the United States, a key economic adviser to Prime Minister Shinzo Abe said on Tuesday, asserting the right to curb currency volatility.Koichi Hamada, an emeritus professor of economics at Yale University and special adviser to the Cabinet, told Reuters that he had recently heard “many concerns” from economists and officials in the United States about the possibility of Japan intervening in currency markets – something it last did five years ago when it acted to weaken the yen.

Consumer confidence in India rose to the highest since November last year, led by more optimistic expectations for future business conditions while sentiment towards spending took a backseat. The MNI India Consumer Sentiment Indicator rose 2% to 113.4 in April from 111.2 in March. Sentiment, though, was down 7.1% compared with the same month a year ago, and 6% below the series average. More positively, it is up from the recent trough seen in December, which had left it at the lowest level in the history of the survey. The rise in April marks a good start to Q2, after it fell to a record low level in the previous quarter.

Policy makers around the world need to ask if central banks injecting money into the economy through “helicopter drop” is politically feasible or produce the intended targets, India’s Central Bank Governor Raghuram Rajan said on Tuesday.”The real point is again: It is not absolutely clear that throwing the money out of the window, or targeted checks to beneficiaries… will be politically feasible in many countries, or produce economically the desired effect,” he said during a lecture at the London School of Economics.